Hat Tip: Jean Stoner
Illinois is in a death spiral-WTF
Economic forecasts tell of an approaching Economic Collapse or Crisis. States will not be able to balance their budgets in 2011 without severe cuts or massive taxes increases due their constitutional requirement mandating a balanced budget. Increased taxation worsens the Economy (see Laffer Curve) and by 2012 the States are in worse shape. Austerity Cut violence spreads throughout Europe and destabilize the European Union. China flexes its military muscle as the U.S. weakens because of its indebtedness.